摘要 We develop a 統計 concept of 經濟 equilibrium as the

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• 類型：已發表論文
• 日期：2011-09-06

摘要

We develop a 統計 concept of 經濟 equilibrium as the stationary distribution of a random walk on the exchange equilibrium set (the contract set) of a pure exchange economy induced by unhedgeable shocks that perturb the economy from the exchange equilibrium set and subsequent disequilibrium trading that returns the economy to a new equilibrium. The Fokker-Planck equation for the resulting drift-擴散 process implies that the stationary distribution is independent of the size of the shock so that a small-dist城市ce limiting distribution is well defined. We present explicit solutions for the 統計 equilibrium for the cases of quasilinear and Gorman-aggregatable Cobb-Douglas economies, and illustrate the results in the context of a generic dividend-discount model to emphasize the distinction between insur

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